Private Alternative Loans

Choosing how to finance your education is one of the most important decisions you will make and the impact of that decision will follow you well beyond graduation. Once you have exhausted your eligibility for state and federal financial aid and loans, you may need to consider applying for a private educational loan, also called an alternative loan. These loans are not federal student loans. They are offered by private lenders and are used to supplement your financial aid.

Every alternative loan program is different. In an effort to help you make informed choices, we have created an alternative lender worksheet, The Bottom Line, that will help you select the private lender that is right for you.

WMU will certify a private, alternative loan from the lender of your choice.

When determining how much to borrow, plan to borrow as little as possible. The long-term cost is an important factor. If you have questions regarding financial aid, please contact Bronco Express. For more information about a particular private alternative loan, please contact the lender.

Lender List

During the 2015-16 academic year, WMU students borrowed from a variety of private lenders. The following chart summarizes the private loan activity at WMU during 2015-16.

Lender

Number of loans disbursed during the 2015-16 academic year

Total dollars disbursed during the 2015-16 academic year

Percent of loansdisbursed during the 2015-16 academic year

Sallie Mae

1129

$12,721,484

54.58%

Discover

309

$3,537,023

15.18%

Wells Fargo

157

$1,872,197

8.03%

PNC

133

$1,525,462

6.54%

Tru Fit Student Loans

100

$1,244,900

5.34%

LendKey

39

$460,279

1.97%

All Others

165

$1,946,263

8.35%

Total

2032

$23,307,608

100%

The above table is for reporting purposes only. WMU neither endorses nor advocates for the lenders appearing on this list. We do not certify that the products and services offered by the lenders above are superior to other products, or that they are desirable options for your family. WMU will work with any lender of your choosing.